Deep Yellow Limited (DYL) is an
Australian-based pure uranium exploration Company with
extensive operations in the southern African nation of
Namibia and in Australia.
DYL's principal development focus in Namibia
is through its 100% owned subsidiary Reptile Uranium Namibia
P/L (Reptile) at the mid to high grade INCA primary
uraniferous magnetite project and the extensive secondary
calcrete deposits contained in the Tumas-Oryx-Tubas
palaeochannel and fluviatile sheetwash systems.
In Australia the Company is focused on
resource delineation of discoveries in the Mt Isa district -
Queensland, these include the Queens Gift, the Conquest and
Slance Prospects and within the Isa West Project area, the
Eldorado, Thanksgiving, Bambino and Turpentine Prospects.
A pipeline of other projects and discoveries
in both countries are continually being examined and there
is extensive exploration potential for new, additional
uranium discoveries in both Namibia and Australia.
Nuclear energy (and uranium as fuel) is
rapidly gaining ground as an alternate base load source of
electricity as the effects of fossil fuel burning and its
contribution to global warming is being recognised. This
realisation and looming shortages of uranium bodes well for
the future of uranium and its price. DYL is setting itself
up to be a supplier of this strategic metal through
aggressive and successful exploration and project
acquisition programmes.
EXPLORATION UPDATE (May 2009)
NAMIBIA
10 m of 7,293 ppm (or 0.73%)
U3O8
from 228 m;
59 m of 604 ppm U3O8 from 204 m; and,
20 m of 1,734 ppm U3O8 from 206 m.
-
The new discovery at INCA means that
many of the well mineralised 100 metre deep holes
drilled over the initial 2.5 by 2.0 kilometre area on
100 by 100 metre centres will have to be deepened and
infilled in order to fully test the potential of the
project area.
-
At the Tumas palaeochannel prospect the
2008 drill programme returned a JORC Code Indicated and
Inferred Mineral Resource totalling 10.0 million tonne
at 0.0345% (345 ppm) U3O8
at a cut-off grade of 200 ppm U3O8
for 3,450 tonne or 7.6 million pounds of contained
U3O8.
-
Additional JORC Code resource based on
the 2008 drilling is due shortly.
AUSTRALIA
Bambino - 30 m at 410 ppm
U3O8 from
36 m
Thanksgiving - 42 m at 400 ppm U3O8 from 15 m
Never Can Tell - 13 m at 797 ppm U3O8 from 17 m
Turpentine - 19 m at 324 ppm U3O8 from 15 m
Folderol North - 7 m at 661 ppm U3O8 from 12 m
Eldorado North - 20 m at 437 ppm U3O8 from 22 m
-
On the Ewen EPM the Slance and Conquest
Prospects will be drilled and on the Prospector EPM the
Queens Gift Prospect will similarly be tested to depth.
-
The first downhole gamma logging results
from current ongoing RC drilling at Eldorado North
Prospect in the Isa West Project returned best
intersections of:
6 m at 2,216 ppm
eU3O8 from 15 m
7 m at 1,764 ppm eU3O8
from 22 m
5 m at 1,369 ppm eU3O8
from 59 m
5 m at 1,049 ppm eU3O8
from 28 m
7 m at 1,772 ppm eU3O8
from 40 m
CORPORATE
-
In February 2009 DYL announced it had
entered into agreement to joint venture into EPM 14367
held by Universal Resources Ltd, 20 km northeast of Mt
Isa. Two historic prospects have been identified by DYL
for RC percussion drilling.
-
Cash position at 31 March 2009 - $47.5
million.
-
DYL received a payment of $500,000 from
Uranio Limited discharging the debt owed. DYL remains a
9.8% shareholder of Uranio.
-
Matrix Metals Deal: DYL's tender of $1.4
million for the purchase of the Ewen EPM 14916 and the
Yamamilla EPM 14281 from the Receiver and Manager of
Matrix was accepted. Approval of the Queensland Mines
Minister is now being sought.
-
Krucible Metals Agreement: DYL and
Krucible Metals Ltd (KRB) announced that a Heads of
Agreement had been signed on the Pilgrim Joint Venture
(ASX 3 December 2008) comprising Exploration Permit for
Minerals EPM 15072.
FORWARD PROGRAMMES
NAMIBIA
-
The validation of the 2008 drilling data
from Tubas Red Sand and Aussinanis.
-
The continuation of the drilling at INCA
and INCA Deeps.
-
The recommencement of the drilling of
the uraniferous palaeochannel systems between Tumas and
Oryx, 20,000 metre of drilling on this 12 km channel
started in May, and
-
Eventual incorporation of 2008 drilling
data completed at Tumas outside the resource block on
which Hellman and Schofield calculated the resource
estimate.
This work will aim to add to the JORC
Indicated and Inferred Mineral Resource at Tumas of 7.6 Mlb
at 345 ppm (200 ppm cut-off) announced 5 March 2009 and the
JORC Inferred Mineral Resource at Tubas of 38.8 Mlb at 228
ppm (100 ppm cut-off) announced 21 November 2007.
AUSTRALIA
-
The Isa West Project where the Bambino,
Turpentine, Eldorado and Thanksgiving
prospects will be drilled.
-
The recently 100% acquired Ewen
Project, where the Slance and Conquest
prospects will be drilled, and
-
The Prospector EPM, where the Queens
Gift prospect will be tested to depth.
Figure
1: Locality map showing Reptile's 4 EPLs and
projects plus uranium mines and projects held by other
companies in the area.
